by Consultant's Mind | Learning
Huge fan of Linkedin. It’s the primary way I stay in touch my friends and work colleagues from the last 20 years. Barely use Facebook, but use Linkedin daily. So, when I was trying to filter some of my connections – frustrated, and not working well –...
by Consultant's Mind | Real Estate
Note, this was originally written in 2018 (fed funds at 1.5-2.25%) vs. this update in blue color in 2023 (fed funds at 5.30%). That is a massive increase in marginal interest rates, so the math is a LOT different in 2023 in blue. What is the economies of rental...
by Consultant's Mind | Consulting
Managers assume too much We get busy and think to ourselves, “I have seen this problem before, I know what to do, why don’t you get it?” We (falsely) assume junior consultants should know what we know. Silly bias. As result, expectations can be...
by Consultant's Mind | Consulting
Management Consulting. It’s a lot of things. It is an industry; we all know McKinsey, BCG, Bain, Deloitte, PWC, and others. It is a profession built on asking good questions. It is a team sport. It is a bit of an attitude. It is a tribe that is difficult to get...
by Consultant's Mind | Learning
Case competitions are great fun I did 9 of them during my MBA days. It’s a chance for you to compete with students and see how good you are at ‘cracking the case’. The format differs considerably: Some competitions last 3-4 hours, while others can...
by Consultant's Mind | Learning
I wrote this blog post in 2017, after the Sandy Hook mass shooting of school children. Remember that? Horror. Additional comments in red color, but the sad fact remains that America has the same senseless gun violence as it had then. Just in the last month, shooting...
by Consultant's Mind | Fun
The Defiant Ones For those who (like me) signed up for HBO Now for just 2 months to watch Game of Thrones season 7 (affiliate link), please spend the 4 hours to watch The Defiant Ones (affiliate link). Amazing documentary on Jimmy Iovine and Dr. Dre. A short list of...
by Consultant's Mind | Consulting
Consulting is a big tent Consulting comes in many flavors. Or in other words, it spans all industries + non profit + governmental. Whatever story you read about in the WSJ, there is a consultant and an attorney who can help (or at least say they can help). M&A,...
by Consultant's Mind | Consulting
Good strategy is rare Richard Rumelt, UCLA professor, argues that good strategy is rare. He outlines the 4 common ways that companies often fool themselves into a bad strategy in a McKinsey Quarterly article here. Based on his book Good Strategy Bad Strategy: The...
by Consultant's Mind | Consulting
Hypothe – what? Yes, I know it sounds like jargon, but actually it’s part of the secret sauce of management consulting. It’s more than educated guessing; this is how consultants smartly break down complex or ambiguous problems, and quickly start...
by Consultant's Mind | Learning
Where do you see yourself in 5 years?” This is a common question in interviews and I don’t like it. Yes, it serves as a proxy to gauge the candidate’s motivation. Yes, it tests to see if the candidate understands the corporate ladder and title...
by Consultant's Mind | Fun
Jigsaw puzzles are fun, meditative, mindless, and dopamine-filled. It’s a good way to stop scrolling. Listen to some music, have some coffee, and puzzle with your spouse. The good life. I have 10 reasons why this is a useful metaphor for problem solving. Some...
by Consultant's Mind | Consulting
Gap analysis sounds fancy. . . Gap analysis is exactly what is sounds like – figuring out how far you are from a particular goal or target. Consulting firms do this all differently. It takes many forms, but is super common. In fact, I can’t think of any...
by Consultant's Mind | Learning
Peter Drucker, the godfather of management Huge fan of Drucker, quite a few blog posts on this titan of thinking. Strategic decision making . . this is one of my favorite quotes of his “The question that faces the strategic decision maker is not ‘what his organization...
by Consultant's Mind | Fun
Great presentation It’s always good to look at consulting decks to see how they put together data in a coherent way to tell a story. It is a craft and an art form. Was reading through reddit, and they mentioned this odd presentation from 2016. BCG was giving the...
by Consultant's Mind | Consulting
I wrote this post 6 years ago. It is still true today. Management consultants use the phrase “best practice” often. Perhaps too often. You will see that magical phrase mentioned numerous times in white papers and research on these websites: Boston Consulting...
by Consultant's Mind | Graphics
Consultants are in the business of taking ambiguous problems, structuring them, and telling cogent, actionable stories. This often involves charts – yes – charts and graphs. The older crew – like me – is used to Excel, but you will also see...
by Consultant's Mind | Learning
Sample size This is a phrase every consultant should know and (kinda) understand. Consultants are in the business of 80/20 rule, and smartly deducing insights from a sample of structured data (read: excel), qualitative interviews, observations, benchmarks and other...
by Consultant's Mind | Consulting
Geek out I have been using this slang a lot. Many of us who have heard this expression know that it means to become a little bit obsessive about something (usually a hobby). Applying this to business problems, my argument is that business consultants and students...
by Consultant's Mind | Fun
The Economist has a blog called Graphic Detail, which excels at showing complex ideas simply. Engaging, thoughtful, and often surprising. Some recent graphs: 1) High blood pressure globally, not just affluent countries Link here A recent study in Lancet largely...
by Consultant's Mind | Learning
Career is a long time After 20+ years in corporate America and working at 5 different Fortune 500, I will say that it’s easy to burnout if you’re not careful. Microsoft analyzed a bunch of MS Office data and showed that we spend about 8 hours a week doing...
by Consultant's Mind | Learning
Today I was speaking with some friends about metacognition. Yes, I realize that is a $10 word, but the idea is fairly simple on the surface – being aware of your own thoughts. Essentially, thinking about your thinking. Whoa – deep, I know. Skills...
by Consultant's Mind | Graphics
This is the second section review of Duarte’s Slideology (affiliate link). This agency has become a sensation after they did Al Gore’s Inconvenient Truth presentation and also a famous TED talk here. Chapter 2 – Create ideas, not slides I will...
by Consultant's Mind | Graphics
Consultants see patterns It’s a core part of our job to analyze data, separate the signal from the noise, and interpret the patterns. Some are better than others and it’s a talent that takes time to turn into a skill. Find good presentations and study...
by Consultant's Mind | Consulting
This is from 4 years ago and covers the Minto’s pyramid principle – one of the most important concepts in executive communication and logical structuring of arguments. This is really big at all the big 4 and big 3. It is the scaffolding of management...
by Consultant's Mind | Team
Vince Lombardi For those who don’t know US football, Vince Lombardi is a legendary coach of the Green Bay Packers and one of the 4 horsemen of Notre Dame. Impressive guy. Old School. He had his flaws – all great people do – but when it comes to GRIT....
by Consultant's Mind | Team
This is my least favorite expression in all of consulting. “Are you sure?” Built into the question is a lack of trust, glibness, superficial concern with accuracy over meaning, and honestly, a bit of disdain. It’s a superficial question It’s...
by Consultant's Mind | Learning
Surprisingly, people use email poorly They write long-winded email essays that are ambiguous, and often copy too many people. These sloppy people create more confusion, frustration and rework. In this case, more communication is actually worse. Take 15 seconds to...
by Consultant's Mind | Consulting
Yes, this morning I did 4 hours of data entry Yes, data entry. Our project was in a time crunch and we had major issues getting good operational data, so we begrudgingly took some print outs and manually typed them into excel. Yikes. Yes, we did look at other OCR...
by Consultant's Mind | Learning
Deloitte 2016 Global Human Capital Trends was released here (5.6Mb). It is a 124 page manifesto of well-organized thinking on how the workplace is changing, what employees want, and how the old way of thinking about human resource (read: people) just does not work. In...
by Consultant's Mind | Learning
takes more than 10,000 hours. Malcolm Gladwell popularized the idea that people have to practice for 10,000+ hours before becoming experts. At the time, this dispelled the idea that it is just raw talent or genius at work. No, he concluded, it takes lots and lots of...
by Consultant's Mind | Consulting
What do McKinsey presentations looks like? Please find links to 20+ McKinsey presentations which are publicly available online. Many of these are from conferences, or governmental / non-profit organizations clients who have chosen to make them available online. Yes,...
by Consultant's Mind | Consulting
Stay curious, hunt for the answer yourself Over the last two weeks, this scenario has repeated itself a few times. A junior consultant I am working with hits a simple roadblock and instead of reflecting on the problem and hunting out an answer, they pull the brakes...
by Consultant's Mind | Consulting
McKinsey & Company do great work. On this blog, I have written about their leader, culture, high-visibility assignments at the CIA, and Department of Corrections. Overall, have enormous respect for the work they do, and the way they have built their practice. So,...
by Consultant's Mind | Learning
Wrote this in 2016, so it’s fun to look back and reflect on this attitude, my investments, and my time. I look forward to retirement Who doesn’t? I recently went on a road trip to Key West and Sarasota Florida. Seriously, 80 degrees in December with a...
by Consultant's Mind | Consulting
“Do you like the work you did?” When I run consulting projects, this is my go-to question. When a junior consultant presents an analysis, work product, presentation, or most anything, I ask, “What do you think?” “How do you like...
by Consultant's Mind | Consulting
I am a terrible stock-picker Trust me, my portfolio returns lag the general market. If you read about a stock on this consulting blog – just look the other way. I am writing about it because management consultants need to understand how the capital markets,...
by Consultant's Mind | Team
Consulting is tribal Each of the partners (chieftains) typically have a group of “go-to” principals, senior managers, and network of consultants (tribe) who work on their projects. For even the unobservant person, these tribes become clear: He is one of...
by Consultant's Mind | Consulting
Mechanics’ Motto Saw this sign at the car mechanic shop where I change my oil. It covered an entire wall. It was about 10 feet tall. Big talk on a big wall. If this is the standard that the mechanic holds for themselves, shouldn’t it be the minimum...
by Consultant's Mind | Fun
Thanks for reading this blog (written in 2015) I have enjoyed your company and comments. Hope you find this stuff – not so boring – and potentially helpful. Some survey results which hint at www.consultantsmind.com readers. As my wife flattered me and also...
by Consultant's Mind | Consulting
“You have a typo on the 1st page” This was the low-light of my Friday. A partner was reviewing a proposal we had already printed out for the client. One typo was a missing helping verb “be” and the other typo was a verb in the wrong tense. It...
by Consultant's Mind | Consulting
Organizations have trouble talking to themselves Ask any consultant and she will tell you that a good portion of her job is helping one part of their client organization talk to the other part. Odd, I know. For those not working with Fortune 500-size companies, you...
by Consultant's Mind
Consultants are a strange breed. We span all industries, but ultimately we are in the business of helping executives make difficult decisions and implement change. It is a combination of strategy (head), culture (heart), and operations (hand). Oddly, the most...
by Consultant's Mind | Consulting
Metrics are everywhere As a consultant, we are in the business of quickly understanding business problems, proposing solutions, and measuring results. Metrics are a necessary evil of any project. The classic continuous improvement methodology DMAIC depends on M...
by Consultant's Mind | Consulting
It’s one person’s opinion, but here are 130 blog posts which I wrote over the last 3 years to describe my world-view of consulting. Hope you find it useful. Consultants are a strange breed We span all industries, but ultimately we are in the business of...
by Consultant's Mind | Consulting
Consultants have bad days Yes, a chorus of “amen” just came from the weathered consultants reading this blog. If you want an example of this, take a look at this blog post (in blue color) from 2015. Today was a rough day. Client disengaged. Technology not...
by Consultant's Mind | Consulting
Design is popular. It’s not surprising that McKinsey & Company bought a design company. Many consulting firms are branching out with acquisitions in areas which were once considered non-core. Deloitte has picked up a few digital agencies. Accenture bought...
by Consultant's Mind | Consulting
Meetings are over-rated Okay, I said it. I have seen too many organizations put together committees to drive “alignment”, when in actuality, they are trying to mollify a miscreant or hedge away the risk by legislating an answer. Too often, it fails to...
by Consultant's Mind | Consulting
Consulting is a career Consulting is more than just a job. You develop a way of thinking, unique skills, and lots of professional relationships. There is no better general business training than consulting. You work with super smart people, interact with clients...
by Consultant's Mind | Consulting
10,000 hours Malcolm Gladwell popularized this number in his book Outliers (affiliate link). Based on the research of Anders Ericsson, Gladwell notes that you don’t really start to excel at something until you put in the requisite blood, sweat and tears . . ....